New Ministry of Economy is powerful, and has immediately identified the priority sectors

The Economic Development Ministry has been renamed National Economy Ministry and given additional competencies from January 1, the ministry said on Monday.

The reshuffle aims to increase the effectiveness of the ministry and foster a “new and innovative approach” to support the government’s primary goal for 2024 of restoring economic growth, the statement said.

Trade, tourism and the development of space industry will also fall under the National Economy Ministry‘s purview, it said.

In 2023, government measures pushed inflation into the single digits, the ministry said. The GDP returned to a growth path in the third quarter, real wages started growing in September, inflation fell to 7.9 percent in November and is expected to have been around 6 percent in December, the statement said. Trust in Hungary’s economy is unbroken, and the twin deficits have been eliminated, it said.

In 2024, the government aims to restore consumption, keep investments above 25 percent and increase labour activity among 15-64-year-olds to 85 percent from 78 percent, it said.

As we wrote today, it’s official now: the Hungarian government’s financial calculations failed in 2023 – details HERE

On the same topic, Forbes said, Hungary’s budget is in serious trouble